Real Estate Q & A

Is a “No Closing Cost” offer right for you?

A lot of Rhode Island lenders these days are offering a “no closing costs” option if you take out a mortgage. With this option, the lender pays the closing costs for you, but you pay a slightly higher interest rate on the loan. This can be a good idea in some circumstances. But you have to run the numbers to find out if it’s right for you. The appeal of a “no closing costs” loan is obvious: Closing costs can be expensive! The national average of closing costs for a $200,000 purchase-money mortgage is more than $4,000, according to a survey by Bankrate.com. And that figure can vary considerably by state: In New York, the most expensive state, the average total of closing costs for the same mortgage is $6,183. On very expensive homes, it’s possible to have closing costs that are north of $10,000. For many people who are

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Newport Real Estate Attorneys

Newport Real Estate Attorneys •  RI Real Estate Law Firm Condo Conversions • Mixed Use Property Laws • Commercial and Residential Real Estate Contact the law office of Bardorf & Bardorf to discuss your Rhode Island Real Estate matter. We take our commitment to the legal profession and to the Newport community seriously. We are Newport, RI real estate lawyers who are experienced in matters pertaining to Rhode Island real estate law. We make providing professional, efficient, and effective legal services, our top priority. Serving all of Newport County, including the cities and towns of Newport, Middletown, Portsmouth, Aquidneck Island, Tiverton, Little Compton, and Jamestown, Rhode Island.

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